Antique Collecting Takes New Turns

July 17, 1987|By Andrew Leckey.

There are plenty of new angles these days in the venerable business of antique collecting.

Prices are setting records, with an emphasis on individual American pieces. For example, a ``wing arm`` chair made around 1770 in the Philadelphia shop of Thomas Affleck recently sold for an amazing $2.7 million.

Tastes are becoming more eclectic among average folks, as antique buyers choose pieces they like and mix them with items from other periods in their homes. One reason is the high cost of furnishing everything in one period, the other the fact that some people prefer one style over another for certain types of rooms.

French armoires, those enormous and ornate cupboards that hadn`t sold all that well in recent years, have regained popularity as modern Americans buy them to house big-screen television sets and stereo gear.

Reproduction furniture is offering new competition for antique pieces. In many cases, a fine reproduction made just this year can actually cost more than an original. Yet, despite its esthetic appeal and perhaps even greater utility, it won`t appreciate in value in the same manner as an antique.

``Items of the highest quality will always appreciate the most,`` said John L. Marion, chairman of the Sotheby`s North America auction house. ``In this country, American furniture is becoming more and more popular and, because the supply is obviously limited, choice pieces will be worth more in the future.``

The price escalation is everywhere. Georgian silver coffee pots that sold for $2,000 a year ago are now selling for $3,000, said Anthony Phillips, senior vice president with the Christie`s auction house in New York.

``It`s the same for usable furniture, with a late 18th Century chest of drawers that would`ve brought $1,000 at auction last year now bringing up to $2,000,`` Phillips noted.

Today`s antique buyers are more educated about what they`re buying and more likely to buy what they like, rather than what they`re being told to like, said Richard Norton, managing director of Richard Norton Inc., a Chicago dealer to antique retailers.

``Everything goes in cycles, and more formal things are more popular now than they were a few years ago,`` Norton explained. ``There is also a size limitation today, since some of the great monstrous furniture pieces can`t be used easily in a lot of domestic settings.``

Most antique dealers bristle at the concept of antiques as an investment, even though the recent price appreciation of many fine pieces is impressive. Antiques are not as liquid as, say, stocks or bonds, since you must usually go through a dealer or auctioneer to sell them. It is best to think of them as a commitment of 10 years or more, many dealers recommend.

Remember that items of all sorts go out of favor. For example, heavy Victorian furniture, middle-grade Oriental pieces and even fine lace haven`t held up well in price at all, say the experts.

It is important to buy pieces in excellent condition, because those that have significant refinishing, a replaced leg or a new drawer liner will be worth far less. The closer to original condition, the better. You should always have an accurate appraisal of your antique for insurance purposes and take excellent care of your purchase to retain its value.

Getting into antique collecting or just learning to enjoy viewing antiques isn`t difficult at all.

Your first step should be to study all you can by reading the many books and magazines on the topic and visiting museums, shows, auctions and dealers. Find out what you like and how much it costs. Ask questions. You can start with small plates or candlestick holders at less than $100 and, if you find that you enjoy them, graduate to larger pieces one day. It always makes sense to buy items you like, since you may wind up living with them a long time.

``I`m finding that people now want better examples of furniture, even if they buy just one item, and that they are becoming more scholarly in their pursuits,`` Norton observed. ``They don`t just want a chair to fill their corner; they want a good chair.``